Fix My Portfolio: I’ve been paying for 20 years and now can’t afford my insurance premium hike. Is there anything I can do to save my long-term care coverage?

by | Feb 27, 2023 | Stock Market

Dear Fix My Portfolio,  I am 78 years old and have been a long-term care policyholder for approximately 20 years. My premiums started around $1,500 per year. The annual rate was scheduled to increase every five years. By the time I was 75, it was up to $5,000 a year. I was assured the next increases would be when I was 80 and then 85.

Imagine my horror when I got a bill recently for a one-year renewal for $8,500!  When I called, I was told that my state allowed increases due to the company’s unanticipated costs. How can they do this? I have been paying them for 20 years so I would have coverage when I need it and now I can’t afford the premium. I’ll lose all the money I put in for so long, and I’ll end up with no coverage. Is there anything I can do? Grammy Kathy Got a question about the mechanics of investing, how it fits into your overall financial plan and what strategies can help you make the most out of your money? You can write to me at   Dear Grammy Kathy,It must have been quite a shock to see that bill for a premium …

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